North America Medium Voltage Cable and Accessories Market

The North America medium voltage cable and accessories market was valued at US$ 7,277.72 million in 2022 and is expected to reach US$ 11,449.62 million by 2030; it is estimated to grow at a CAGR of 5.8% from 2022 to 2030.

Rising Demand for Uninterrupted Power Supply in Various Industries Fuels North America Medium Voltage Cable and Accessories Market

In recent years, there has been a drastic increase in the demand for power. The need for reliable power grid infrastructure, emergency power backup solutions, and a steady power supply is increasing tremendously in various industries. The demand for an uninterrupted power supply has surged in the mining industry. Various types of heavy-duty equipment are used in mining operations, such as excavating machinery, conveyor belts, drillers, and cranes, which require a continuous power supply even in harsh environments. Similarly, in oil & gas and petrochemical industries, highly reliable electrical power is needed to protect people, assets, the environment, and the continuity of sensitive operations. Also, various activities are carried out in the oil & gas fields, including drilling, pumping, and loading, which require an uninterrupted power supply for continuous operation and safety purposes. Moreover, on oil rigs, an uninterruptible power supply is mandatory to ensure that signal lighting is always operational. Thus, the rising demand for an uninterruptible power supply in mining, oil & gas and petrochemical industries is raising the demand for medium voltage cable and accessories, as they help provide a regular power supply in the field. Furthermore, for the high-volume production of different goods, there is a need for an uninterruptible power supply in the manufacturing industry. A slight power disruption at a manufacturing plant can lead to low-volume production and affect the production's quality. In addition, the growing data center industry is boosting the demand for an uninterruptible power supply. The data center market is rapidly growing due to the digital revolution and the 5G rollout. Hence, the growing demand for power in the manufacturing and data center industries fuels the North America medium voltage cable and accessories market growth.

North America Medium Voltage Cable and Accessories Market Overview

The North America medium voltage cable and accessories market is segmented into the US, Canada, and Mexico. The medium voltage cable and accessories allow older paper-insulated lead sheath (PILC) cables to join and connect. The transition joint between paper cable and XPLE cable enables the transfer of electricity produced by wind-collector arrays with minimal loss; this is the main application of medium voltage cable and accessories. Thus, the demand for medium voltage cables and accessories is growing across the region. The growth in North America is attributed to the deployment of medium voltage cables and accessories to upgrade grid infrastructure and increase renewable power investments. Also, a rise in investments in the oil & gas sector and discoveries of new reservoirs are anticipated to fuel the North America medium voltage cable and accessories market during the forecast period.

In recent years, several regions such as North America have been deploying underground cables rather than overhead ones. Due to space restrictions above-ground, underground cables are preferred in urban areas. Extreme weather is likely to become more frequent in a rapidly impacting climate-change world. Heat waves across the US are causing a few of the most enormous wildfires in history, and the country's southern region has been drenched by the Atlantic hurricane season. These circumstances lead to power outages and seriously threaten the grid's reliability. Hence, to overcome these issues, many countries in North America have deployed underground cables for the long term.

North America Medium Voltage Cable and Accessories Market Revenue and Forecast to 2030 (US$ Million)

North America Medium Voltage Cable and Accessories Market Segmentation

The North America medium voltage cable and accessories market is segmented into installation, product, voltage, end user, and country.

Based on installation, the North America medium voltage cable and accessories market is classified into overhead, underground, and submarine. The underground segment held the largest share in 2022.

In terms of product, the North America medium voltage cable and accessories market is categorized into MI, terminations, joints, and XLPE Cables. The terminations segment held the largest share in 2022.

By voltage, the North America medium voltage cable and accessories market is segmented into 1 to 5, 6 to 13, 23, 34, 45, and 69. The 6 to 13 segment held the largest share in 2022.

Based on end user, the North America medium voltage cable and accessories market is segmented into industrial, infrastructure, and renewables. The industrial segment held the largest share in 2022.

Based on country, the North America medium voltage cable and accessories market is segmented the US, Canada, and Mexico. The US dominated the North America medium voltage cable and accessories market in 2022.

ABB Ltd, El Sewedy Electric Co, Hellenic Cables SA, Nexans SA, NKT AS, Prysmian SpA, The Okonite Co, and TPC Wire & Cable Corp are some of the leading companies operating in the North America medium voltage cable and accessories market.

North America Medium Voltage Cable and Accessories Strategic Insights

Strategic insights for the North America Medium Voltage Cable and Accessories provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Medium Voltage Cable and Accessories Report Scope

North America Medium Voltage Cable and Accessories Regional Insights

The geographic scope of the North America Medium Voltage Cable and Accessories refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.